Gold Movement
On Friday Gold prices traded marginally lower against the USD in the period ending 21:00GMT, at 1253.00 per ounce, as a strong US jobs data spurred a rally in the US equity markets and weighed on the demand of the safe-haven metal as an alternate investment.
In the Asian session, at GMT0300, Gold is trading at 1253.20, marginally higher from Friday’s close.
Gold is expected to find support at 1246.53, and a fall through could take it to the next support level of 1239.87. Gold is expected to find its first resistance at 1259.03, and a rise through could take it to the next resistance level of 1264.87.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
